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Which is the best insurance policy for you?
There are number of different types of Life Insurance policies. The purpose of this article is to familiarize you with the most common ones. Your agent can help you determine which type of life insurance is appropriate for your current and future needs. The rule of thumb is that if you are young and single and have no one else depending on your income, then you probably don’t need it.
If you are married without children and both of you are working, then you probably need only a limited amount to cover expenses associated with your untimely death. But if there are family members who depend upon your income, then life insurance will be a very important component of your financial planning needs.
Why term life is better for most people
Planning financial goals around a cash value insurance plan can get really complicated. There are non-trivial rules governing things like the size of your cash value savings versus the policy death benefit, and the repayment of policy loans. Term life, on the other hand, is the essence of simplicity — pay the premium, get covered for the term.
Because they are so simple, term life policies can be easily compared on the basis of price. This has led to a very competitive market in which term life policies are rapidly becoming a commodity.
Many term life policies are both “renewable” and “convertible.” The former insures that you can re-up for another term policy without a medical exam. The latter allows you to convert your term life policy into an equivalent cash value policy from the same carrier, should this make sense during the term of the policy.
Not all term life policies offer these features, however, so be sure to ask for them specifically if you want them. (In particular, be sure you know what they mean by “renewable.”) On the other hand, cash value policies only work out well when they are held for life. Once you’re in, it’s tough to get out without a little financial pain.
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